§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer whether he will publish in theOfficial Report a table showing for direct tax allowances and reliefs listed in table 6.5 of Cm. 288-I, his estimate of the cost in a full year at current rates of incomes and tax for items which will cost the Exchequer £10 million or more.
§ Mr. Norman LamontI regret that the estimates could be provided only at disproportionate cost.
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer whether he will publish in theOfficial Report a table showing the estimated direct revenue cost in income tax at the standard and higher rates in a full year at current rates of mortgage interest relief, life assurance pensions relief, retirement annuity premium relief and investment income relief of occupational pension funds.
§ Mr. Norman LamontAvailable estimates are as follows. The cost of mortgage interest relief in 1988–89 is based on the actual mortgage interest rate between April and July and on the assumption that mortgage interest rates remain at the recently announced levels of 11.5 per cent, from August. All estimates are provisional.
494W
Estimated direct revenue cost 1988–89 £ million Mortgage interest relief 4,750 —of which relief at the excess over the basic rate 300 Life assurance premium relief 470 Employees' contributions to occupational pension schemes allowed as a deduction for income tax purposes 1,700 Employers' contributions to occupational pension schemes not treated as taxable benefits in kind in the hands of the employees 2,600 Retirement annuity premium relief 450 —of which relief at the excess over the basic rate 100 Relief on investment income of occupational pension funds (assuming relief at the basic rate) 4,400